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8.4. Financial Services Consumer Protection: Challenges and Solutions

Thursday, 16 May
17:30 - 19:00

Hall #6, General Staff Building (6-8, Dvortsovaya sq.)

Financial market is based on trust of its numerous users to services it offers, and the consumers of financial services play the most important role among such users. Their behavior predetermines the 'feeling' of the financial market as a whole and of its individual representatives. Consumers affect both the stability of the financial market and its ability to capitalize investments.

Much has been done in the previous decades for better protection of rights and legal interests of consumers in the financial market — both through civil-law protection and through implementation of special public-law mechanisms (the amended deposits insurance system is a good example thereof).

The Federal Law 'On Ombudsman for Financial Services Consumer Protection', adopted in 2018, has become a legal basis for the operation of the new financial services consumer protection domain. It is necessary to make efforts for this establishment not only to 'start' in the nearest future but also to be recognized by both financial services consumers and professional players of the financial market.

The financial market is a complicated environment for the most financial services consumers. And the financial market regulators, including but not limited to financial services consumer protection system, cannot but take this fact into account. Will the novelties under discussion related to elaboration of such a legal concept as 'qualified/non-qualified investor' help to ensure trust in the financial market? What other legal protection measures for financial services consumers should we expect to appear in the nearest future?

Moderator

Yuriy Voronin

Financial ombudsman

Speakers

Aleksey Guznov

Director Legal Department, Bank of Russia

Mikhail Mamuta

Member of the Board of Directors Head Bureau for Consumer Protection and Financial Inclusion, Bank of Russia

Andrey Kigim

Chairman, Social Insurance Fund of the Russian Federation

Anatoly Kozlachkov

Vice president, Association of Banks of Russia

Sergey Astashov

Judge, Supreme Court of the Russian Federation

Igor Yurgens

President, All-Russian Insurance Association


* The Programme may be subject to change